the sequester for flight delay. it is just another example of shoddy management bythefaa. lori:gas prices are tank. why good news may still be on the way. melissa: fed watchers in full speculation mode as bernanke has he will skip jackson hole. a first for a federal chairman in 25 years. what does it mean? now, to the floor of the new york stock exchange. nicole petallides. nicole: we will get to some of the home builders in a second. right now you have a mixed market. the dow jones pulling back a bit. that 2.2%. last week was a rough week for the dow jones industrials. there is the tech heavy nasdaq. there is a look right now at how we have done so far. obviously, you can see that we have had a nice run this year. i wanted to also take a look at some of the homebuilders. we got in some existing home sales. pound .6% month over month. that is not good news there. the home prices that you saw word. back to you. lori: seasonally strong time of year for home sales. overall, the u.s. economy is running below its historical trend. this is a study done by the index. my next guest says the econo

.thefaareportedthe first day of furloughs resulted in delays of more than three hours on arrivals at los angeles - less than that at other airports. "i was delayed from laguardia. we were on the ground for about an hour. they made it up in the air, but we were delayed today." but delays in chicago were spotty, though passengers were bracing for them. "we had a business meeting this morning that we pushed back back an hour but it was smooth sailing from austin." - will you make an adjustment on future flights? "no, i think it's a more scare tactic than anything else." others got that same sense. oklahoma senator tom coburn called the furloughs "a dangerous political stunt," saying that more than $100 million could be saved by using fewer consultants, supplies and less travel, and pointed to the transportation security administration, which has managed to avoid furloughs. "being a flight attendant and working as a flight attendant, i care about safety, and when you cut people out of the tower, that's safety." as of now, the furloughs mean all 47,000 faa employees, including 15 controllers,

is suingthefaatohalt the budget cuts. >>thefaahasand should have exercised the discretion not to furlough air traffic controllers who never in the history have been furloughed before by any budget sequestration or any shutdown of the faa or anything like that. >> and even the white house admits this was never supposed to happen. at reagan national airport, i'm hampton pierson for "nightly business report." >> flying may be more difficult these days but there's good news for drivers. prices at the pump are down $.11 a gallon over the last two weeks and could fall by another.20 as we get closer to memorand e err memorial day. >>> leading sectors were energy and technology, ahead of the after the bell earnings. the dow ended the day 19 points higher and the s&p 500 added 7. the price of gold rebounded today, surging nearly $26 to $1,421 announced. but last week as the price of gold was falling, investors pulled $2.7 billion out of gold exchanged traded funds. most of the money was invested in international stock. >> turning to market focus. texas instruments reported the prof

.faafurloughs,they just kicked in. some delays now appearing late yesterday in and is around new york. this st for the first time with travelers waiting more than an hour. delays were seen at other airports in the u.s. the faa furloughs affect 47,000 employees, including nearly 13,000 air traffic controllers. experts say the first real test is today when traffic increases and you remember, you saw all these stories, even last week saying the sequester doesn't matter. >> because a lot of the stuff hasn't kicked in. now, if things don't matter this week, then you can say they really don't matter. >> so this is the test one way or the other. we're going to talk to mike boyd about all this and more. >> in economic news, a business economist says washington's budget tightening is having a minimal effect on business. 93% of those surveyed say political developments had no effect if the first quarter and 95% say they had no impact on capital spending plans. among the biggest concerns, global economic conditions and the potential for further government spending cuts and the regulatory environ

'll get the analyst behind that call ahead. >> also the sequester effect on travel.>>faaemployeefurloughs and our major airport delays and all in the future and former department of transportation inspector mary shafo live. another monday morning, david, in which you've propelled a major dow component, microsoft up over 4% on the news that an activist shareholder is buying a $2 billion stake. so i think by my calculations you've created on that report about $2.5 billion of value so far this monday morning. >> simon, it's the value being created by the news itself, not the fact that i've reported it and we've been able to tell people that value act, large activist fund that often does take large positions in companies and actually doesn't get active if things go their way have taken a $2 billion position. on a relative bases it's 1% or less than 1% overall is what it would amount to of the outstanding shares of microsoft. that being said, valueact does have a history of holding stakes for quite some period of time, monitoring those companies and their managements and then getting

to the airport to get back to new jersey. airport delaysasfaafurloughsbegin to kick in. liz: rich edson at the airport. what are you hearing overall about the situation, rich? overall we got hundreds of delays yesterday. airline association says we could see up to a few thousand delays because of this when you look at this, go around the country, there are delays in charlotte, there are delays elsewhere. faa is saying there are delays basically close to coast. as far as specifics are concerned they could not provide us with any ties of numbers. that has a number about folks, especially republicans in congress say this is entirely structured by the faa to inflict what they say is maximum pain on airline travelers. this is comment about bill shoeser, the chairman of the transportation and infrastructure committee. he said disregard for the american public is indicative that the admin strution -- administration views the sequester as a attempt to score political points rather than address issues and than find real savings in a bloated federal brock bureaucracy. the way they arranged the la

the very latest ahead. adam: plus fibers -- flyers get ready for long delays.thefaasaysthey are coming through. is it a warning or threat thanks to sequestration? we're live from one of the country's biggest airports next. first time to see how oil is trading friday night, buy. you are gonna need a wingman. and my cash back keeps the party going. but my airne miles take it worldwide. [ male announcer ] it shouldn't be this hard. with creditcards.com, it's easy to search hundreds of cards and apply online. creditcards.com. adam: get ready for some massive delays at the nation's airports. the faa is warning that 7,000 flights a day could be delayed due to furloughs of air traffic controllers as a result of sequestration. our jeff flock is at chicago's o'hare international airport with the headaches. >> i know we've heard about this before, adam but this time they're serious. really this could be bad. let's give you a lowdown on the furloughs. by the way, lots of delays out here today. but that is weather, not furloughs yet. here is what will happen. the furloughs will start on sunday. th

onthefaa.the worst delays on east coast, including new york's laguardia, one out of 5 tier oeveryfive flights before noon s delayed. congressional republicans say, bull. they charge obama administration is structuring cuts to make them as painful and obvious as possible. >> federal reserve chairman ben bernanke will not be at jac jacn hole sim this year. my next guest said that we're seeing a slowdown in the economy after a stock first quarter, joining us, wells fargo chief economist, john sylvia, you see a slowdown here? >> there is a slowdown that is what bothered market, stock market a little bit, we a single family housing stocks, retail sales disappointing. building into the commodity market, chinese economic growth is disappointing. people at the inning of year think this economy will take off, and earnings will be strong, then as year goes down they tamper down those expectations. >> you know there is one stock that stands a metaphor, caterpillar, we see them with disappointining results off 42 their earnings, because they are off in the mining sector, but they tell us about go

, the sequester.thefaatoldus they don't have enough people at kennedy so oui not taking off. i said you have to be kidding me? i'm sorry. wield have loved to announce it to people so you could go mack your calls, but the faa has ordered a full stop and we are not allowed to do anything and we have no idea until two minutes ago. >> what about the sequester's impact in a real way on ticket sales particularly for government employees and the like and travel will? i know we reported decent quarters and i know we've been talking about them as investments for the first time ever as opposed to trade. >> there is a concern for business travel and leisure travel. >> the board says on time, and they have no control of whether it's on time. suddenly on time means nothing, david. on time means nothing because if you look at it they don't know. i said, come on, delta has to know. the faa said please tell people it's because we're shorthanded and we don't want to be shorthanded in kennedy when you land, and i thought that was wise. i too, would like enough air traffic controllers to handle kennedy opinion

caught up inthefaasequesterand this is probably the first hand account of sewing th seeing this. >> we were about to take off and the pilot comes back and doesn't see me cnbc. the faa says we don't have enough air traffic controllers to take off. i said is this from delta? the faa wanted to make it very clear to everyone onboard is that the reason we're not taking off is because they're shorthanded. oh, jim kramer from cnbc, would you please get the word out that we're not taking off because the faa said you cannot come from orlando. we're not ready. we don't have enough people. it was pretty amazing. >> it was orlando to where? la guard wra? >> orlando to kennedy. >> it was absolutely not a weather delay. we are ready to go. delta is ready to go. the faa says listen, you can't come in. we don't have enough people. we can't do the job. it was remarkable. we said how long? two and a half hours? why is that? >> maybe two and a half hours the faa says they might be able to round up enough people to land the airplanes in kennedy. >> that is stunning. i was watching in horror because